Applied Digital Corp. Elects New Directors, Updates Executive Pay

Ticker: APLD · Form: 8-K · Filed: 2025-04-02T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, executive-compensation, governance

TL;DR

Applied Digital adds 2 directors, inks new pay deals for CEO & CFO.

AI Summary

Applied Digital Corp. announced on March 27, 2025, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael J. Doniger and Scott W. Johnson, to its Board, effective March 27, 2025. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Wes Cummins, and Chief Financial Officer, Michael J. Brown, detailing their compensation and severance packages.

Why It Matters

The election of new directors and updated executive compensation agreements can signal strategic shifts or a focus on governance and talent retention within the company.

Risk Assessment

Risk Level: medium — Changes in board composition and executive compensation can sometimes indicate underlying issues or strategic realignments that may carry risks.

Key Players & Entities

FAQ

Who were the new directors elected to Applied Digital Corp.'s Board?

Michael J. Doniger and Scott W. Johnson were elected as new directors, effective March 27, 2025.

What key executive positions had their employment agreements updated?

The employment agreements for the Chief Executive Officer, Wes Cummins, and the Chief Financial Officer, Michael J. Brown, were updated.

What is the reporting date for this 8-K filing?

The filing is dated April 2, 2025, and reports events as of March 27, 2025.

What was Applied Digital Corp.'s former name?

Applied Digital Corp. was formerly known as Applied Blockchain, Inc., with a name change effective April 23, 2021.

In which state is Applied Digital Corp. incorporated?

Applied Digital Corp. is incorporated in Nevada.

From the Filing

0001641172-25-002407.txt : 20250402 0001641172-25-002407.hdr.sgml : 20250402 20250402164536 ACCESSION NUMBER: 0001641172-25-002407 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20250327 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20250402 DATE AS OF CHANGE: 20250402 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Applied Digital Corp. CENTRAL INDEX KEY: 0001144879 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] ORGANIZATION NAME: 06 Technology EIN: 954863690 STATE OF INCORPORATION: NV FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31968 FILM NUMBER: 25805560 BUSINESS ADDRESS: STREET 1: 3811 TURTLE CREEK BLVD., SUITE 2100 CITY: DALLAS STATE: TX ZIP: 75219 BUSINESS PHONE: 214-556-2465 MAIL ADDRESS: STREET 1: 3811 TURTLE CREEK BLVD., SUITE 2100 CITY: DALLAS STATE: TX ZIP: 75219 FORMER COMPANY: FORMER CONFORMED NAME: Applied Blockchain, Inc. DATE OF NAME CHANGE: 20210423 FORMER COMPANY: FORMER CONFORMED NAME: Applied Science Products, Inc. DATE OF NAME CHANGE: 20110118 FORMER COMPANY: FORMER CONFORMED NAME: FLIGHT SAFETY TECHNOLOGIES INC DATE OF NAME CHANGE: 20020926 8-K 1 form8-k.htm false 0001144879 0001144879 2025-03-27 2025-03-27 iso4217:USD xbrli:shares iso4217:USD xbrli:shares       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549   FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   March 27, 2025 (Date of earliest event reported)   APPLIED DIGITAL CORPORATION (Exact name of registrant as specified in its charter)   Nevada   001-31968   95-4863690 (State or other jurisdiction   (Commission   (IRS Employer of incorporation)   File Number)   Identification No.)   3811 Turtle Creek Boulevard , Suite 2100 , Dallas , Texas   75219 (Address of principal executive offices)   (Zip Code)   214 - 427-1704 (Registrant’s telephone number, including area code)   N/A (Former name or former address, if changed since last report)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).     ☐ Emerging growth company   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock   APLD   Nasdaq Global Select Market             Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   Approval of PSU Awards   On March 27, 2025,

View on Read The Filing